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The Central Bank Confirmed That Drex Begins Operating in 2026 in a Reduced Version, Without Blockchain and Without Tokenization, Initially Focused on the Credit Market and Internal Processes of the Financial System.
The Central Bank expects to put the Drex into operation in 2026, in an initial leaner version aimed at internal processes of the financial system, without blockchain and without tokenization at the outset.
The assessments and alerts circulating on social media were revived by a recent video from economist Fernando Ulrich, published on his YouTube channel Fernando Ulrich.
According to him, the change in course reduces the scope of risks associated with a retail CBDC and brings the project closer to an infrastructure solution for credit, rather than a “digital currency for the public.”
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What Changes in the 2026 Launch
According to Ulrich, the monetary authority decided to prioritize a smaller and more practical delivery for 2026, focusing on registration reconciling — the verification, among different institutions, of guarantees given in credit operations.
As explained in the video, this choice postpones the ambition to tokenize a broad set of assets and also puts on hold the distributed ledger technology tested in the pilot, such as Hyperledger Besu.
Furthermore, according to the economist, the shift results from technical barriers, particularly concerning privacy and scalability, identified during the tests.
He cites public statements from the BC president, Gabriel Galípolo, and the project coordinator, Fábio Araújo, to support that, at this moment, the priority is to resolve a “backroom problem” in the credit market before advancing to more ambitious functionalities.
“It Is Not a Retail CBDC”: What Drex Is — and What It Is Not
As emphasized by Fernando Ulrich, Drex should not be confused with a retail CBDC — a model where each citizen would have a wallet directly with the Central Bank.
“Drex does not break the mediation link with commercial banks,” summarizes the economist in the video, explaining that the initiative resembles a wholesale CBDC or a tokenization platform serving the financial system.
In several passages, Ulrich recalls Galípolo’s remarks at the Blockchain Rio 2025, an event where the BC president highlighted that the Brazilian project does not follow the “classic format” of CBDC for direct use by the population.
As highlighted by the economist, the current design preserves the logic of endogenous currency — in which the supply of means of payment responds mainly to banks’ decisions to grant credit — and avoids an institutional leap that would put the Central Bank in direct contact with the end public.
Pix as a Key Piece and What Remains Under Discussion
Ulrich stated that “solutions like Pix already solve a good part of the problems that many CBDCs try to tackle”, reminding that the instant payment system offers convenience, low cost, and continuous availability.
According to him, this recognition also appeared in Galípolo’s statements.
In general terms, Pix fulfills the everyday payment functions, while Drex targets infrastructure frictions in the credit market and in the capital market.
The economist observes, however, that technological evolution will continue to be debated.
He emphasizes that the BC has not completely ruled out the use of DLT or programmability for future use cases, but conditioned advances to robust solutions for privacy and governance.
Risks, Civil Liberties, and the International Debate
In the video, Fernando Ulrich reiterates his historical concerns about retail CBDCs.
According to him, such projects may expand state powers over people’s money, with functionalities such as total traceability, negative interest rates, or automatic blockages.
As he notes, this is the crux of the debate in countries that have advanced in designing direct wallets for the population.
The discussion intertwines with politics in the United States.
Ulrich recalled that states like Florida have passed laws restricting the recognition of a potential CBDC as “money” in their commercial regulations.
He also mentioned that in January 2025, then-president Donald Trump signed a decree prohibiting the development and use of a CBDC in the country.
In the economist’s view, the external environment helps explain Brazilian caution regarding the retail model and reinforces the choice for incremental delivery.
And the BRICS and “Dedollarization”?
The title of this content refers to expectations of integration with BRICS and a reduction in dependence on the dollar.
Ulrich acknowledges that these narratives have gained traction in part of the press and on social media, but emphasizes that the Central Bank of Brazil has been describing Drex as a project for domestic modernization of the financial infrastructure.
As he emphasized, the BC participates in international forums on cross-border payments and monitors tests of multi-central platforms; however, there is no official confirmation that Drex, at this stage, will be a direct tool for integration with BRICS or an active policy of “dedollarization”.
According to the economist, linking the launch of 2026 to an immediate geopolitical shift would be to overextend what is documented.
The stage announced by the BC has a limited scope and does not involve the general public, nor the international circulation of a “Brazilian digital currency” as a replacement for physical real.
“How to Protect Yourself?”: What Did Fernando Ulrich Say
The question that reached the economist the most, as he reported in the video, was whether “it is time to leave Brazil” or take urgent defensive measures due to Drex.
According to Ulrich, “there is, for now, no need for extraordinary protection” related to the operational start of the project in 2026, precisely because the expected delivery is technical and aimed at backrooms, without BC wallets for citizens.
He adds that the debate on privacy should continue, as future scope changes — especially if the country ever considers a retail CBDC — would require public scrutiny and legal safeguards.
Meanwhile, the economist advises following the official communications from the Central Bank and distinguishing the current phase of infrastructure for guarantees and reconciliation from proposals that would involve the day-to-day currency.
As highlighted, Drex is not the ‘digital real’ for popular use, and in the short term, Pix remains the main payment tool in the country.
What Stage Are We At and What to Observe Next
According to Fernando Ulrich, the next milestones include technical detailing of the registration reconciling solution, definition of the architecture replacing the DLT from the pilot, and new guidelines from the BC regarding tokenization.
He notes that the official communication has been evolving to reduce confusion with the idea of a “digital currency for individuals,” while the project establishes itself as infrastructure for credit and capital market.
With this map, the economist’s orientation is clear: separate what is effectively announced from what remains only as a hypothesis — and demand transparency on privacy, governance, and limits of use in any future expansion.
In light of these changes, what questions still need to be answered for society to follow Drex with security and critical sense?
A pergunta não é “se”, mas “quando” virá a CBDC (moeda virtual) do governo brasileiro, a DREX é apenas um passo rumo a isto. Aguardemos os próximos capítulos.
É TANTA INVEJA DESSE GOVERNO, QUE ATÉ O NOME É PARECIDO😒😒😒😒😒😒😒😒😒😒😒
PIX….DREX….AFFFFF
Eu acho incrível como tem pessoas limitadas em seu raciocínio. Em lugar nenhum no mundo o controle estatal deu certo, pelo menos para o povo.
Se você gosta de controle estatal, tudo bem, é um direito seu. Agora, não faça com que o controle estatal seja compulsório pois tem aqueles que tem o direito de não querer.
Estamos perdendo o direito e a liberdade, enquanto alguns aplaudem. A pior parte é ver o pobre achando que isso vai dar certo.
Em relação ao DREX, nos resta agora torcer e lutar para que o Bitcoin seja realmente aquilo que ele promete ser em sua concepção.